IMHO, experience has proved that the "Invisible Hand" of free markets is a far superior "manager" of economic activity than any rule-bound "central authority".
As a person with some familiarity with New London, I'd say that if the "Development Authority" had not used its funds for grandiose land-clearance schemes, but instead had simply cut taxes on New London's existing private businesses, the economy of New London would be far better off today than it is.
Power corrupts...
"Power corrupts..."
You think?
http://www.kelovnewlondon.com/pfe.htm